This week I received a letter in the mail from my bank that my checking account fees would no longer be waved based on of our use of direct deposit and online bill pay. This comes on the back of new credit card fees for those with a balance BELOW a certain limit and a reworking of overdraft fees to get around newly imposed government regulations.
As a consumer I’m annoyed. I’ve been with the same bank for about ten years and feel that I’m a responsible user of their services. Don’t charge me for being a loyal customer and keeping a zero credit card balance! But then I put my free market, capitalist, research analyst hat on and things become less clear.
Its nice that Washington finally put some restrictions on the banks. Only time will tell where banks raise prices to make up for the huge losses.